A big fan of the Indiana Jones movies, I always have my doubts about the working methods of Indy. In each of the episodes, “modern” western civilization (Indy, Bellog, etc) manages to get the pieces of mystic east and somehow we are expected to be cheered up with this.
But who can stop my restless mind? When I see Indy reaching to the hundred years old piece in the temple, I can’t cheer up. Because I know that the temple, which stood storms and earthquakes for centuries, will not survive after Indy.
They expect us to pay extra at the British Museum to see “the piece” and museum management will be proud to “protect” the history and most likely be deemed successful. But at what cost? How come saving just “one” piece justifies ruining the “whole” temple?
Why am I telling you all these? Because I see a whole market calling Turkish Central Bank successful today. Do you know why? Just because TL gained ground, just like Governor Basci told us.
Excuse me, but since when we are judging the success of monetary policy via currency moves? And excuse me again, at what cost did we save TL? Are we talking about the same CBT who
* used USD 12 bn of reserves in less than 4 months
*who raised the borrowing cost of the Treasury from 7.7% in September to 10.6% in December
Isn’t it also the CBT who
*managed to reach to 10.5% of annual inflation at the end of 2011, while still walking around with its mandate of “price stability”
*misguided the market about the growth outlook of both second and third quarters
And now you call CBT successful because TL is stronger. Bravo!
CBT ruined the temple but saved the piece. Now go to museum and enjoy. But remember: if you pay for it, global capital comes…and Turkey paid for it via higher interest rate and by spreading the reserves. You and I paid for it my friend. Now let me pay one more thing: a dvd of Indiana Jones. At least it is relaxing!
Good points, congrats!
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